SME non-bank lender Moneytech has secured an additional $150m funding warehouse facility to help fund their Equipment Finance growth. The new warehouse debt facility has been provided by a major Australian Bank
The new facility will allow Moneytech to underwrite Equipment Finance loans up to $2m per borrower with the facilities provided on a standalone basis or in conjunction with Debtor Finance, Trade Finance, Property Finance, or Line of Credit.
Moneytech CEO Mr Nick McGrath stated, "The establishment of additional warehouse funding facilities allows Moneytech to continue supporting small to medium businesses with a comprehensive, multi-product, asset-based lending solution. This also enables us to provide interest rates on the new facilities that are on par with other large non-bank equipment finance lenders, with loans that can be settled in as little as 24 hours"
Moneytech is doubling down on supporting SMEs and brokers despite economic conditions. McGrath further explained, 'The importance of the new warehouse funding in Moneytech's growth journey allows us to diversify our treasury risk across various major Australian banks. The non-bank sector continues to provide vital liquidity and funding support to SMEs in what is a challenging economic time for many borrowers, and our warehouse funding program helps facilitate this.
Moneytech is currently funding in excess of $2.5bn worth of invoices per annum through its Trade & Invoice Finance offerings. Today's announcement follows an announcement by Moneytech in November 2021 of a $20m-plus capital raising to support growth.
*Moneytech was established in 2003 and provides over $2.5bn in SME lending per annum. Products offered include a Line-of-Credit, Debtor Finance, Trade Finance, Equipment Finance, Term Loans, FX& Payments. Visit www.moneytech.com.au for further details*
Media Contacts:
Andy Robb, Head of CX & Marketing | 0405 177608 | andy.robb@moneytech.com.au
Ajinkya Chinchkhede, Marketing Executive | 0423 906477 | ajinkya.chinchkhede@moneytech.com.au